Jana Partners LLC Releases Statement Supporting Marathon Petroleum Plan To Enhance Shareholder Value

NEW YORK, Oct. 27, 2016 /PRNewswire/ -- JANA Partners LLC today issued the following statement on actions announced earlier today by Marathon Petroleum Corporation (NYSE: MPC) to enhance shareholder value.

"We have high regard for Gary Heminger and his team and have found them always willing to listen and to take strategic action when in the best interest of shareholders. We have studied and fully support the actions Marathon Petroleum announced this morning to enhance shareholder value, including a schedule for near-term and future dropdowns to MPLX and potential related changes to its financial reporting, as well as a strategic review of MPLX's general partnership and a focus on optimizing the cost of capital of the partnership," said Barry Rosenstein, Managing Partner of JANA Partners.

Background

JANA Partners LLC is an investment manager specializing in event-driven investing located in New York City. JANA was founded by Barry Rosenstein in 2001.

SOURCE Jana Partners LLC